Ripple’s XRP price remains stable with minimal fluctuations visible on the chart. The market is currently following a larger upward trend, possibly forming the third wave in an Elliott Wave structure. However, there are indications of an internal correction taking place, although it may not be clearly visible on the broader time frame. XRP is currently positioned between its all-time high and the breakout point from 2021.
As of the latest update, XRP is trading at $2.47, showing an increase of more than five percent in the past 24 hours. The $2.48–$2.49 range is a crucial level to monitor, as a breakout above this range could signal further upward movement. A sustained breakout above the current price channel could potentially push XRP towards $2.76 or higher.
Key Support and Resistance Levels
From a technical standpoint, the key support levels for XRP are between $1.50 and $1.79. Maintaining prices above this range could pave the way for additional gains. On the resistance side, the $3.23–$3.30 range, inclusive of the all-time high, holds significance.
In the longer term, XRP has the potential to reach levels between $5 and $10, possibly during the third or fifth wave of the larger cycle. The overall trend continues to point upwards, with a keen focus on any signs of further upward momentum.
Risk Factors to Consider
The primary risk zones are situated between $1.50 and $1.79. There is a likelihood that XRP could remain above the 2021 high, avoiding a significant pullback. Alternatively, the price might undergo a sideways correction instead. In the event of a price increase, support levels will adjust upwards in tandem with the price.
Analysis of the Shorter Time Frame
On the shorter time frame, XRP is making efforts to break out of its current price channel, although the breakout has not been confirmed yet. The chart is displaying an ABC pattern, suggesting a potential correction.